NGL Fine-Chem Settles Case With Sebi

New Delhi: Pharmaceutical company NGL Fine-Chem and its promoters have settled a case with Sebi of alleged shareholding disclosure violations by paying a total settlement amount of Rs 92.21 lakh. The case was settled by NGL Fine-Chem, along with PCI Ferrmone Chemicals, Rajesh Lawande, and Rahul Nachane. Of the total payment, NGL Fine-Chem paid Rs 54.42 lakh, while the other three remitted Rs 12.6 lakh each. This settlement followed an application from the entities requesting Securities and Exchange Board of India (Sebi) to resolve the alleged violations under its settlement regulations. Acknowledging the settlement, the markets regulator in its order on Tuesday said,” in view of the acceptance of the settlement terms, receipt of the amounts by Sebi.... the instant adjudication proceedings initiated against the applicants vide Show Cause Notice dated December 29, 2023 is disposed of in terms... of the Settlement Regulations”.